Guide 11 August 2025

Renew or relocate? 7 tips for navigating your office lease expiration Lease renewal time presents an opportunity to make

a smart decision and build flexibility into a corporate

real estate portfolio

Future of work Tenant representation Office

Listen to article description Read time: 11.2 min

As your current lease nears its end, it's an ideal time to consider how your

workplace can better serve your organisation's evolving needs. Rather than

simply renewing the same terms, you could renegotiate for more flexibility,

redesign your space, or explore relocation options that would better support

your present and future goals.

Chances are, the lease you signed 10 or even five years ago is not the lease that

fits your priorities today. Whether your organisation decides to renew or

relocate, you must operate strategically within today’s office market to best

support your company’s growth, and the wellbeing of your employees.

The following are seven strategies to make the most of the opportunity that a

lease expiration represents.

1. Start early.

Underestimating the lead time required to make the renew-or-relocate

decision and complete lease negotiations is a common mistake. In

general, larger offices need more time. Beginning early gives you the time

to evaluate your needs, understand the market and assess your options.

You should be prepared to begin discussions 18 to 24 months in advance

of any lease expiry and potentially up to five years out if your company is

aspiring to become an anchor tenant in a new development.

Starting a discussion with your landlord doesn’t mean you are committed

to a particular decision—it means that you are ready to negotiate.

However, you must provide your current landlord with notice of your

intentions within the timeframe outlined in your current lease agreement.

2. Revisit your workplace requirements.

A key step is to define what your business needs and what makes an ideal

office. How much space is required ? Would renovations and upgrades

to your current space make it better for your employees?

A starting point is to review your workplace strategy . Many companies

are continuing their work from home policies, with most or all employees

in the office at least three days per week, and the number of companies

announcing a full return to the office is trending upward.

For hybrid work or office-only mandates, you’ll need to know when and

how your employees use the office. This helps you decide if you could use

less space. You could make the office smaller but fit everyone on busy

days by redesigning the office with flexible layouts and modular furniture

for individual and group work.

If the future seems uncertain, consider how to make your lease terms and

your portfolio more flexible. For instance, your lease could include

options to expand or give up space. In addition to traditional leased

space, it might make sense to include flexible, coworking or subleased

space in your portfolio as options that don’t require a long-term

commitment.

3. Research alternatives in the market.

Even if you prefer to stay in your current space, educate yourself on other

buildings and owners in the market. Understanding office market trends

and rental rates will help you to determine if your rent is competitive.

The market has likely changed since you signed your current lease. Some

submarkets may have declined as others have become more vibrant.

Certain landlords may be offering generous incentives, more flexible

leases and fitted options. Other may not.

Understanding the market puts you in a better position to negotiate more

favourable terms with your current or future landlord. You’ll have a better

sense of what is a realistic request and the extent to which your landlord

will be willing to negotiate.

4. Consider higher-quality space and more flexible lease terms.

Hybrid working has changed the office market.  Many older buildings face

high vacancies as tenants reduce space, while newer, sustainable

buildings attract companies prioritising employee well-being.

If your office is in an older building, you could consider relocating to a

high-quality building, perhaps closer to a train station or to a vibrant F&B

scene. If your organisation has adopted hybrid work, the cost savings of a

reduced footprint will help offset the higher rents in a new building. If you

don’t want to cause disruption by moving, your landlord may be willing to

help fund space upgrades and modifications.

You also may be able to secure flexible lease terms. Flexible terms have

become increasingly popular, especially for rapidly growing companies

and those that have embraced hybrid work. For any business facing

uncertainty, agility has become essential.

Choosing the right mix of lease terms and flexible spaces requires careful

analysis. Today’s office market offers more flexibility than ever before,

including options for shorter lease terms, contraction rights and

assignment rights. It helps to work with a real estate advisor to structure

the right combination of spaces and negotiate appropriate lease terms.

5. Understand your landlord’s financial position.

Landlords prefer to keep tenants to avoid vacancies, which incur lost rent,

renovation expenses and marketing costs. For effective negotiations,

understand the landlord’s overall portfolio and the significance and value

of your lease. The more value your lease adds to the landlord’s portfolio,

the more negotiating power you will have.

On the other hand, if your lease is a small part of a thriving portfolio,

you'll have less negotiating power. It’s also important to understand the

landlord’s financial position and the debt they carry on the building

you’re considering before signing a lease. Today, lenders are cautious

about office investments. A landlord’s financial position can impact their

ability to fund tenant improvements or common area upgrades.

6. Form a strategy.

As your lease expiration approaches, avoid giving your landlord the

impression that you are committing to renewal. This helps maintain a

favourable position for concessions. Instead, consider the alternative

options you have researched. Even if you are against relocating, a review

of other buildings may suggest improvements that would make your

current location more appealing to employees. You may be able to

negotiate with your landlord to pay for improvements, like upgrading

your space, common areas and building services.

Before beginning negotiations with your current landlord, it’s important

to know what your business needs versus what is “nice to have,” and to

have a sense of what your landlord realistically would be willing and able

to do. Clear priorities will make for smoother negotiations.

7. Consider hiring an advisor to help you negotiate effectively.

Information is power in lease negotiations—but researching the market

and negotiating a lease is time-consuming and resource-intensive. In

addition, the complexity of lease negotiations can lead to

misunderstandings and unfavourable terms if not carefully managed.

Unexpected costs and delays can cause disappointing outcomes, too.

The best option is to retain an advisor. A good advisor will understand

your unique requirements and business objectives, consider how a

specific space decision impacts your overall portfolio and have access to

market knowledge. An advisor’s relationship with landlords and agents

will be invaluable for uncovering opportunities, including off-market

options. During negotiations your advisor will try to secure the best

possible lease terms and provide a realistic assessment of what you can

expect.

Ideally, you want to choose an advisor that is part of an integrated team

with expertise in workplace strategy and project management to ensure a

seamless journey from lease signing to build-out and move-in. You’ll be

able to achieve your new workplace vision on time and within budget,

while minimising business disruption.

Is your office lease expiring soon? Contact us  for expert advice to help

you find or create your ideal workplace.

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